Acadian Asset Management LLC Sells 3,268 Shares of Alphabet Inc. (GOOG)
Acadian Asset Management LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 26.3% during the second quarter, Holdings Channel reports. The firm owned 9,150 shares of the company’s stock after selling 3,268 shares during the period. Acadian Asset Management LLC’s holdings in Alphabet were worth $6,333,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in GOOG. Proficio Capital Partners LLC increased its stake in shares of Alphabet by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 3,197 shares of the company’s stock worth $2,382,000 after buying an additional 92 shares during the last quarter. Burns J W & Co. Inc. NY increased its stake in shares of Alphabet by 22.3% in the first quarter. Burns J W & Co. Inc. NY now owns 5,686 shares of the company’s stock worth $4,236,000 after buying an additional 1,035 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. purchased a new stake in shares of Alphabet during the first quarter worth about $2,123,000. Chevy Chase Trust Holdings Inc. increased its stake in shares of Alphabet by 2.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 293,997 shares of the company’s stock worth $219,014,000 after buying an additional 6,717 shares during the last quarter. Finally, Fulton Bank N.A. increased its stake in shares of Alphabet by 12.2% in the first quarter. Fulton Bank N.A. now owns 4,418 shares of the company’s stock worth $3,291,000 after buying an additional 481 shares during the last quarter. 34.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 0.37% on Friday, hitting $768.88. The company had a trading volume of 2,049,338 shares. The company has a market capitalization of $528.43 billion, a price-to-earnings ratio of 29.79 and a beta of 1.03. Alphabet Inc. has a 52 week low of $589.38 and a 52 week high of $789.87. The stock’s 50-day moving average is $771.50 and its 200 day moving average is $733.24.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, July 28th. The company reported $8.42 EPS for the quarter, beating analysts’ consensus estimates of $8.03 by $0.39. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The company earned $21.50 billion during the quarter, compared to analysts’ expectations of $20.74 billion. During the same period last year, the business posted $6.99 earnings per share. The firm’s revenue was up 21.3% compared to the same quarter last year. Equities analysts expect that Alphabet Inc. will post $34.29 EPS for the current year.
A number of brokerages have recently issued reports on GOOG. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $822.37 price target on the stock in a report on Thursday, August 18th. Jefferies Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, September 9th. Argus reaffirmed a “buy” rating and issued a $900.00 target price on shares of Alphabet in a research note on Tuesday, August 2nd. Mizuho reaffirmed a “buy” rating and issued a $1,020.00 target price (up from $1,010.00) on shares of Alphabet in a research note on Sunday, July 31st. Finally, Axiom Securities reaffirmed a “buy” rating and issued a $990.00 target price (up from $970.00) on shares of Alphabet in a research note on Sunday, July 31st. Two equities research analysts have rated the stock with a hold rating, forty-four have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $925.56.
In other news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $690.94, for a total value of $2,763,760.00. Following the completion of the transaction, the chief executive officer now directly owns 3,672 shares in the company, valued at $2,537,131.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Lawrence Page sold 33,332 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $794.76, for a total value of $26,490,940.32. Following the completion of the transaction, the chief executive officer now owns 30,666 shares of the company’s stock, valued at $24,372,110.16. The disclosure for this sale can be found here. 13.92% of the stock is owned by company insiders.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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